Markets bounce back; IT leads rally as crude, yields cap gains
IT stocks led early gains, with Infosys rising 3.25% to ₹1,167.45 and TCS climbing 2.60%t to ₹2,524.90, buoyed by renewed global interest in artificial intelligence-related stocks
Markets rebounded on Wednesday, with the Nifty 50 and Sensex both climbing higher from recent declines. IT stocks led the early gains, driven by renewed interest in artificial intelligence-related companies. Major players such as Infosys, TCS, UltraTech Cement, Reliance Industries, and ICICI Bank registered gains of 3.25%, 2.60%, 2.49%, 2.11%, and 1.99%, respectively.
On the downside, Bajaj Finance, BEL, Trent, HDFC Life, and Bajaj Finserv experienced losses. Positive global cues, including improved Wall Street performance and Asian market gains, contributed to the market's upward trajectory. However, elevated Brent crude prices and US bond yields could keep the market under pressure in the short term.
The market now appears to be a stock picker's arena, with positive Q2 earnings season results and a potential India–US trade deal providing some optimism. The Nifty faces resistance around 23,150–23,200, while Bank Nifty's immediate resistance is at 56,000, with critical support levels at 22,800 and 55,000.
Written by urgent.news from Hindu BusinessLine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
